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Updated April 4th 2025, 17:48 IST
Trump Tariff Shock: Wall Street Rallies in Pain After Thursday's Wipe Out of Over $2.5 Trillion
Wall Street has still not recovered from the tariff shock after Donald Trump imposed sweeping reciprocal duties on U.S. trade partners.
Washington: Wall Street continues to tumble down even two days after Donald Trump imposed reciprocal tariffs on 133 nations including India, to balance America’s trade deficit and create a level playing field for local business.
For the last two consecutive days, global markets have plunged down over $2.5 trillion, trying to absorb the tariff shock, dropped by US President Donald Trump.
Stocks including Dow, S&P 500, and NASDAQ all tumbled down in pre-market trading on Friday.
Meanwhile, Thursday, which was a day after Trump imposed sweeping reciprocal tariffs, witnessed the worst single day sell off since 2020 as it wiped out almost $2.5 Trillion from the market amid looming possibility of a tariff war.
In pre-market analysis, Dow Futures was trading at 1200 points lower as tumble down continued with S&P 500 and NASDAQ opening at 140 and 570 points.
The Dow Jones was down 10% while NASDAQ saw 18% drop after it entered into the bear market territory.
As the markets have opened on Friday, Oil plunged to its lower in three years. Among other stocks, Benchmark Brent was also down 10% and US futures is also trading at its lowest since 2021.
Trump's reciprocal tariffs
Terming reciprocal tariffs on US trading partners as America's declaration of economic independence, Donald Trump imposed 26% discounted duty on India, 34% on China, 20% on EU, 24% on Japan, 10% on UK, 46% on Vietnam and 17% on Israel. Below is the countrywide list of reciprocal tariff imposed by Donald Trump.
S.No. | Country | USA Discounted Reciprocal Tariffs |
1 | China | 34% |
2 | European Union | 20% |
3 | Vietnam | 46% |
4 | Taiwan | 32% |
5 | Japan | 24% |
6 | India | 26% |
7 | South Korea | 25% |
8 | Thailand | 36% |
9 | Switzerland | 31% |
10 | Indonesia | 32% |
11 | Malaysia | 24% |
12 | Cambodia | 49% |
13 | United Kingdom | 10% |
14 | South Africa | 30% |
15 | Brazil | 10% |
16 | 37% | |
17 | Singapore | 10% |
18 | Israel | 17% |
19 | Philippines | 17% |
20 | Chile | 10% |
21 | Australia | 10% |
22 | 29% | |
23 | Turkey | 10% |
24 | Sri Lanka | 44% |
25 | Colombia | 10% |
26 | Peru | 10% |
27 | Nicaragua | 18% |
28 | Norway | 15% |
29 | Costa Rica | 10% |
30 | Jordan | 20% |
31 | Dominican Republic | 10% |
32 | United Arab Emirates | 10% |
33 | New Zealand | 10% |
34 | Argentina | 10% |
35 | Ecuador | 10% |
36 | Cuatemala | 10% |
37 | Honduras | 10% |
38 | Madagascar | 47% |
39 | Myanmar (Burma) | 44% |
40 | Tunisia | 28% |
41 | Kazakhstan | 27% |
42 | Serbia | 37% |
43 | Egypt | 10% |
44 | Saudi Arabia | 10% |
45 | El Salvador | 10% |
46 | Côte d'Ivoire | 21% |
47 | Laos | 48% |
48 | Botswana | 37% |
49 | Trinidad and Tobago | 10% |
50 | Morocco | 10% |
51 | Papua New Guinea | 10% |
52 | Malawi | 17% |
53 | Liberia | 10% |
54 | British Virgin Islands | 10% |
55 | Afghanistan | 10% |
56 | Zimbabwe | 18% |
57 | Benin | 10% |
58 | Barbados | 10% |
59 | Monaco | 10% |
60 | Syria | 41% |
61 | Uzbekistan | 10% |
62 | Republic of the Congo | 10% |
63 | Djibouti | 10% |
64 | French Polynesia | 10% |
65 | Cayman Islands | 10% |
66 | Kosovo | 10% |
67 | Curaçao | 10% |
68 | Vanuatu | 22% |
69 | Rwanda | 10% |
70 | Sierra Leone | 10% |
71 | Mongolia | 10% |
72 | San Marino | 10% |
73 | Antigua and Barbuda | 10% |
74 | Bermuda | 10% |
75 | Eswatini (Swaziland) | 10% |
76 | Marshall Islands | 10% |
77 | Saint Pierre and Miquelon | 50% |
78 | Saint Kitts and Nevis | 10% |
79 | Turkmenistan | 10% |
80 | Grenada | 10% |
81 | Sudan | 10% |
82 | Turks and Caicos Islands | 10% |
83 | Aruba | 10% |
84 | Montenegro | 10% |
85 | Saint Helena | 10% |
86 | Kyrgyzstan | 10% |
87 | Yemen | 10% |
88 | Saint Vincent and the Grenadines | 10% |
89 | Niger | 10% |
90 | Saint Lucia | 10% |
91 | Nauru | 30% |
92 | Equatorial Guinea | 13% |
93 | Iran | 10% |
94 | Libya | 31% |
95 | Samoa | 10% |
96 | Guinea | 10% |
97 | Timor-Leste | 10% |
98 | Montserrat | 10% |
99 | Chad | 13% |
100 | Mali | 10% |
101 | Maldives | 10% |
102 | Tajikistan | 10% |
103 | Cabo Verde | 10% |
104 | Burundi | 10% |
105 | Guadeloupe | 10% |
106 | Bhutan | 10% |
107 | Martinique | 10% |
108 | Tonga | 10% |
109 | Mauritania | 10% |
110 | Dominica | 10% |
111 | Micronesia | 10% |
112 | Gambia | 10% |
113 | French Guiana | 10% |
114 | Christmas Island | 10% |
115 | Andorra | 10% |
116 | Central African Republic | 10% |
117 | Solomon Islands | 10% |
118 | Mayotte | 10% |
119 | Anguilla | 10% |
120 | Cocos (Keeling) Islands | 10% |
121 | Eritrea | 10% |
122 | Cook Islands | 10% |
123 | South Sudan | 10% |
124 | Comoros | 10% |
125 | Kiribati | 10% |
125 | São Tomé and Príncipe | 10% |
126 | Norfolk Island | 29% |
127 | Gibraltar | 10% |
128 | Tuvalu | 10% |
129 | British Indian Ocean Territory | 10% |
130 | Tokelau | 10% |
131 | Guinea-Bissau | 10% |
132 | Svalbard and Jan Mayen eard and McDonald Islands | 10% |
133 | Reunion | 37% |
Donald Trump has been very clear about imposing tariffs on US trading partners even before he assumed office in his second term in the White House.
Trump's argument to impose reciprocal tariffs is that for years their trading partners has been taking advantage of an unfair trade by imposing high tariffs on US made products but not being treated the same way. Trump blamed previous governments for allowing nations to exploit US businesses.
Published April 4th 2025, 17:09 IST